Overstock is one of those retailers which have started accepting cryptocurrency. The company has been facing slow stock performance; however, it has now found the antidote to slow business growth — bitcoin.
Since August, the stock of this e-commerce platform has doubled. The company decided to accept cryptocurrency which turned out to be a significant benefit for the retailer set up. The shares have jumped up by 23% since September, i.e., exactly the month when the company decided and announced its plans to accept and trade cryptocurrency.
In just last week, the share price of this new retail giant hit the record level since the year 2014 and was reported at $29.85, capping the years of gradually surging dividends for the pioneer of bitcoin.
Creating a New Digital Currency Space
The company is planning to create a new space to incorporate digital tokens trading. Overstock is looking forward to establishing a three-way partnership with tZero, RenGen, and Argon. This new partnership will build a new platform for cryptocurrency trading in compliance with the current rules and regulations applicable in the US.
According to the Patrick Byrne, CEO of the company, they are looking ahead to leveraging the new platform for the trading of ICOs and to ensure more seamless and regulated trading of the cryptocurrency.
Hence, if Overstock gets success in its plans of ICO that the company is planning to carry out in collaboration with tZero, it will become the first public company that would achieve such a milestone.
Patrick further added that just three years back he had a keynote speech in Amsterdam and he had already told the entire world that the major event of bitcoin is the blockchain and not the bitcoin itself. He said that he had always believed in blockchain and its capability to change the world.
Companies and the World of Digital Currency
Overstock is not the only company that has entered into the world of digital currency. MGT Capital Investment is a big cybersecurity firm which is associated with the developer John McAfee – the founder of the famous cybersecurity firm McAfee Associates. The shares of this cybersecurity company have skyrocketed almost 150% as it ramped up the mining operations of the bitcoin, which the company believes, will bring substantial profit.
Another example of a company that is reaping benefits from the bitcoin is the Bioptix Inc. – a company producing diagnostic machinery to facilitate the biotech industry. The company is utilizing the blockchain to simply recover from the stagnant stock performance that it has been experiencing for a long time.
To achieve that, the company has exited penny-stock and also rebranded itself as Riot Blockchain Inc. Following that, the shares of Social Reality Inc. have surged almost 71% – as soon as the micro-cap firm of advertising technology confirmed its consideration of ICO.
Indeed, Overstock has performed strategically in getting the required regulators on board. Their process was well-thought and thoroughly designed.
After the digital token crackdown from various countries has dampened the excitement of ICO, Overstock’s seems to gain a definite edge by bringing regulators on board and is likely to get more advantage in the near future in terms of surging stock prices.